(757) 552-6055Virginia High-Asset Divorce Lawyer
The decision to end your marriage is always a difficult one. Whether you have been married for 30 years or 3 years, a divorce can be difficult both emotionally and financially. When you and/or your spouse have significant assets, the divorce process can be even more complex.
The number and type of properties involved in a high net-worth divorce can make it more difficult to come to an agreement on things like property division, spousal support, and child custody and support. These assets are often more unusual and might be harder to place a value on, such as a family-owned business or artwork and collectibles. Our Virginia high-asset divorce attorneys have experience working with experts and helping our clients protect their interests during the dissolution of their marriage.
At Poole, Brooke, Plumlee, we are committed to helping our clients get the best possible outcome for their divorce. Whether you are coming into a divorce with a significant net worth or with more debts than assets, we can shepherd you through the legal process. Reach out to our law firm today to talk to a Virginia high-asset divorce lawyer about your case.
What Is a High-Asset Divorce?
A high-asset divorce involves the dissolution of a marriage where one or both parties have significant assets. There isn’t a specific threshold that has to be met for a divorce to be considered a “high asset” divorce. It usually involves one or both spouses earning a hefty salary and/or the couple owning a large number of assets.
High-asset divorces tend to be far more complex than other types of divorces. This is typically due to the type of assets that a couple owns. In many cases, this property is more difficult to value, which can make it harder to divide property in a divorce.
Virginia is an “equitable distribution” state when it comes to property division. This means that a court will seek to divide marital property fairly, which does not necessarily mean that it will be divided equally. This division requires the court to essentially put a number on each asset.
When dividing property, a court will first determine which assets are jointly owned (known as marital property) and which are separate. Only marital property is subject to division in a divorce. Generally, separate property is anything that was acquired by one spouse before marriage or by gift or inheritance during the marriage. There are some exceptions to this rule, such as the increase in value of a separate asset during a marriage or situations where separate property is commingled with marital property.
To ensure an equitable distribution, a court will need to determine the value of each marital asset. This process can be particularly challenging in a high-net worth divorce, as many assets held by couples with significant net worth don’t have a straightforward value. This could be for many reasons, such as the difficulty of appraising a unique piece of real estate that doesn’t have “comps” or determining the value of a closely held business with intangible assets (such as goodwill).
In a high-asset divorce case, it isn’t unusual for the couple to own property such as:
- Royalties
- A professional practice
- Offshore bank accounts
- Domestic and international real estate holdings
- Trademarks or patents
- Complex trusts
- Specialized compensation, such as stock options or restricted stock units (RSUs)
- High-value art and/or antiques
- Private equity holdings
Compared to determining the value of something like a Roth IRA or the fair market value of a shared marital home, it can be a lot more difficult to figure out what an equitable distribution of these types of assets would be. Our Virginia high-asset divorce lawyers will work with experts to determine the value of these and other assets. We will then zealously advocate for you to protect your financial interests in your divorce.
In a high-asset divorce, there may be a significant difference between the spouse’s earning power. This can often be a factor in property division, as the court will work to divide the property in a way that is “fair” – which may not always comport with what you might believe to be just. Our Virginia high-asset divorce lawyers will evaluate your case and advise you of the potential outcome of litigation so that you can make an informed decision about how to proceed.
Why Do You Need a Virginia High Asset Divorce Lawyer?
Strategic legal advice is always crucial in any Virginia divorce matter. However, having a plan in place is even more critical in a high-asset divorce. Put simply, the stakes are higher – and there is a lot more on the line in a high-asset divorce.
There are a lot of unique issues that must be addressed as part of a high-net worth divorce case. Our team of experienced Virginia high-asset divorce attorneys will use their knowledge and skills to protect your interests by:
- Identifying and valuing assets (which may include searching for hidden assets with the assistance of a forensic accountant);
- Determining the future earning capacity of the spouses, especially in cases where an advanced degree, professional license, and/or business were earned or established during the marriage;
- Assessing deferred compensation and stock options;
- Valuing more complex business assets, such as a closely-held corporation, a family-owned business, or a professional practice;
- Reviewing prenuptial and postnuptial agreements, which are more common in high-asset marriages;
- Addressing tax implications to avoid unnecessary taxes;
- Identifying and valuing retirement funds; and
- Deciding how to handle commercial and residential rental properties.
We will also consider how to handle a situation that isn’t uncommon in high-asset divorces: properly valuing the contributions of a stay-at-home spouse. Many couples in high-net worth marriages make the decision for one partner to stay home to support the other’s career, take care of the home, and/or raise their children. A court will consider their noneconomic contributions to the marriage as part of the property division process. It will also play a role in spousal support/alimony.
Our law firm works with financial advisors, forensic accountants, real estate appraisers, and other experts to help us provide the best legal advice to clients in high-asset divorce cases. We will thoroughly analyze your case and advise you of the likely legal outcome for issues such as property division and alimony. With this information, we can craft a strategy that is designed to minimize your financial exposure in a divorce and protect your financial interests.
We explore every potential option when it comes to resolving a high-asset divorce. This may include negotiating a settlement agreement with your soon-to-be ex or working with a mediator to help us reach an agreement. In high-asset divorces, going to trial might not lead to the best outcome, which is why we ensure that our clients are fully informed about the different ways to finalize their divorce while protecting themselves.
In addition to family law, our law firm has robust business law and tax law and estate planning practices. Our diverse experience and expertise across a broad range of practice areas make us well-suited to represent clients in high-asset divorces. We can bring in attorneys who can advise you on every aspect related to your divorce, whether you are concerned about real estate holding, tax implications of a divorce settlement, the effect of divorce on your estate plan, or issues related to your business.
The Best Legal Representation for High-Asset divorces
If you are fortunate enough to have accumulated significant wealth and/or assets over the course of your career, the last thing that you want to do is to lose it in a divorce. High-asset divorces require careful handling, with a full understanding of how the moving pieces fit together. With our expertise across a range of practice areas, our law firm is well-positioned to protect our clients’ interests in Virginia high-asset divorces.
Based in Virginia Beach, Poole, Brooke, Plumlee advocates for clients in high-asset divorces. Whether you are simply contemplating divorce and want to plan ahead or your spouse has already filed, we will develop a strategy that is designed to safeguard your assets and protect your financial future. With experience in Virginia family law as well as business, real estate, and tax law, we can provide the high-level legal advice that our clients require. To learn more or to schedule a consultation with a Virginia Beach high-asset divorce attorney, call our law offices at 757-499-1841 or fill out our online contact form.
